PSC Insurance Group Limited (PSC) (ASX: PSI) is pleased to announce that it has entered into a binding agreement to acquire the broking business trading as Alliance Insurance (Alliance).
PSC will be purchasing the insurance broking portfolio and other key business assets of Alliance from Alliance Insurance Broking Services Pty Ltd, with the business continuing to operate out of its existing premises.
The Alliance acquisition is expected to generate an incremental EBITDA of greater than $3.0 million in its first twelve months.
PSC Insurance is a publicly listed company on the Australian Stock Exchange with a market capitalisation of $1.2 Billion and offices Australia wide.
The acquisition of Alliance is subject to a number of customary conditions, and the acquisition is expected to close within the next 4 weeks.
“We are delighted to welcome the Alliance team to the PSC Group. We look forward to growing the business with the team and working closely with them to provide the continued high levels of service to the clients of Alliance” commented Mr Tony Robinson , Group Managing Director of PSI.